The 3 Main Factors Affecting Car Accident Settlements
Car accidents disrupt lives, and depending on the severity of the crash, they can leave an aftermath of costly medical expenses, lost wages, and other damages. Fortunately, victims can seek compensation from the offending party’s insurance through personal injury claims.
In such cases where the victim is seeking restitution, it is vital that all the associated settlement costs be accurately figured in. This is because once the settlement proceedings have been completed, the compensated party cannot go back and request for more money if they discover that the amount received does not cover for all damages.
Therefore, those seeking settlements must do so with the intent to maximize the compensation received. Acquiring the services of a qualified attorney is the best way to ensure fair compensation is received.
Here are the three main factors that will play a vital role in the settlement amount you receive.
Who is at Fault for the Accident?
When the offending party (the defendant) is entirely responsible for the crash, then the victim (the plaintiff) should be able to recover all costs incurred in association with the collision.
However, not all accidents are so straightforward. Some accidents happen because both or more parties have engaged in some form of reckless or negligent driving behavior. An example is when the front driver slams their brakes hard, causing a rear-end collision.
In such cases, guilt is often apportioned in terms of percentages. In the example given, the rear driver may be assigned 40% of the blame, which means he can seek up to 60% of incurred losses from the front driver.
However, take note that the exact methodology will differ across jurisdictions.
How Severe are the Injuries Suffered, and What are the Resulting Losses?
The level of suffering inflicted plays a considerable role in determining settlements. Generally speaking, compensation increases in proportion to the pain and suffering caused. However, some injuries are difficult to assess accurately. It is relatively easy to say how long it will take to heal and estimate the cost of medical care with a broken leg. Others are notoriously difficult to assess. Take for example the settlement for concussion in a car accident – these are often mislabeled as minor injuries but can have long-lasting consequences that are not immediately apparent.
It is in moments like this that competent legal representation can be best appreciated.
A good assessment of the injuries also takes into account the resulting impact on day-to-day living that the accident has had. Other than medical costs, this includes property damage, income losses, and other out-of-pocket expenses such as the cost of transportation to court or hospital.
The Amount of Insurance Available
This is an issue that will crop up if the damages incurred exceed what the defendant’s insurance policy can cover. Collecting from an individual after a personal judgment can be very difficult; hence an auto accident attorney will want to rope in as many defendants so as to maximize the funds available for compensation.
Conclusion
The details are crucial in cases like this, and acquiring a qualified attorney’s services helps maximize the settlement awarded. Speaking to an attorney first before speaking to the insurance company is wise. Lastly, seeking immediate medical help strengthens the validity of a claim; and remember that anything you say after an accident can be used against you in a court of law.
